There’s an inherent delay in a firewire based capture device. AJA has cut this down to 4 frames. You need to go into the File > System Settings and then hit the playback control tab and change the frame offset to 4. This way your timeline, canvas, and external monitor should line up. You will not be able to get rid of the 4 frame delay between you trying to edit to music or cut on your timeline. You will get used to the delay.
There should be a special term coined for this delay, but there ain’t.
Ain’t, ain’t a word.
Jeremy
PS I hate to say this, but the aja manual should be your friend. A lot of the things you are discovering are explained there.
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G5 Dual 2Ghz <> 4GB RAM <> FCP 5.04 <> Kona 2
ATTO 42XS <> Huge Systems 4105 Fibre
OS 10.4.2 <> QT 7.0.3